ICAB PL Financial Accounting & Reporting study guide
ICAB PL Financial Accounting & Reporting · Work through your exam, one topic at a time.
The ICAB Professional Level Financial Accounting & Reporting exam is one component of the Chartered Accountancy qualification offered by The Institute of Chartered Accountants of Bangladesh (ICAB), a National Professional Accounting Body in Bangladesh. ICAB describes itself as the regulatory body for the profession of accountants and connected matters, and states that the education, training and qualification it imparts is recognized internationally. Candidates typically reach the Professional Level after progressing through earlier stages of the ICAB curriculum; the Professional Level sits alongside the Advanced Level in ICAB's examination structure, and ICAB publishes time-tables for the CA Professional & Advanced Level Examinations together. This subject area concerns the preparation and reporting of financial information: how transactions are recognised, measured and presented, and how reporting standards and the regulatory framework shape what entities disclose. The ICAB PL Financial Accounting & Reporting study guide has 2 sections and about 834 words.
01Financial Accounting and Reporting: Core Measurement and Presentation Skills
This domain tests whether you can move a transaction from source document to published statement. Expect the accounting equation, double-entry mechanics, the accrual basis versus the cash basis, adjusting and closing entries, depreciation and disposal of non-current assets, inventory costing (FIFO, weighted average, and the lower-of-cost-and-net-realizable-value rule), receivables and allowance for expected credit losses, provisions and contingencies, and the construction of the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows.
415 words, about 2 min02Financial Reporting Standards and the Regulatory Framework
Here the examiner tests conceptual underpinning and standard-level rules. Know the objective of general purpose financial statements, the qualitative characteristics (relevance, faithful representation, comparability, verifiability, timeliness, understandability), the cost constraint, and the definitions of asset, liability, equity, income, and expenses from the Conceptual Framework.
419 words, about 2 min